On 23 May 2024, it was announced that the Agency for the Cooperation of Energy Regulators (ACER) will launch a consultation on the introduction of voluntary templates for power purchase agreement (PPA) contracts in the EU Energy Market, on 20 June 2024.
The EU’s Electricity Market Design (EMD) mandates
On 24 May 2024, the Council of the EU announced that it had formally adopted the Corporate Sustainability Due Diligence Directive. After being signed by the President of the European Parliament and the President of the Council, the directive will be published in the Official Journal of the European Union and will enter into force
On 24 May 2024, the European Banking Authority (EBA) issued a report on virtual IBANs (vIBANs).
IBANs are commonly used as payment account identifiers across the EU. More generally, IBANs are mandated in some 60 jurisdictions in the world, with over 20 jurisdictions recommending its use for cross-border payments. The new
On 24 May 2024, there was published a joint statementbetween HM Treasury and the European Commission covering the second EU-UK Financial Regulatory Forum. This forum was established following the signing of the UK-EU Memorandum of Understanding on Financial Services Cooperation on 27 June 2023.
In the joint statement the UK and EU summarise their
The Consumer Financial Protection Bureau (CFPB) on May 22, 2024 issued an interpretive rule that imposes some of the same rules on Buy Now, Pay Later (BNPL) providers that apply to conventional credit card providers. Specifically, the rule applies to digital user accounts used to access credit, including to those providers that market loans as
On 23 May 2024, the European Securities and Markets Authority (ESMA) published a consultation paper setting out proposed amendments to certain technical rules concerning commodity derivatives, as mandated by the recently adopted amendments to the Markets in Financial Instruments Directive II (revised MiFID II). By way of background the revised MiFID
The general election in the UK has now been called. There is a general view within the market that if the Labour party comes to power in the upcoming election, it will broadly continue the same regulatory approach as under the current government. This appears to be one of the key messages of both Labour’s
On 23 May 2023, the European Securities and Markets Authority (ESMA) published for consultation its second package of Level 2 measures under the recently revised Markets in Financial Instruments Regulation (revised MiFIR). We wrote about the first package of measures in our earlier blog note. The second package of Level
On 23 May 2024, the Financial Ombudsman Service (FOS) published a Consultation Paper setting out proposed changes to its fee structure, following the introduction of legislation in Parliament. The Government has begun the process of exercising powers given under the Financial Services and Markets Act 2023 to allow the FOS to update its